Financial Institutions Alert

Decision Day Guide to Interest Rates

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Interest rates are the topic of the times including whether they are going to rise, fall or remain the same. Subsequent to the rate hike on December 16,
2015, the S&P 500 has fallen approximately 9.5% including a substantial decline in oil prices (16%). With the Fed's December 2015 predictions of
continuing rate hikes during 2016 we were all eager to read the Federal Open Market Committee's ("FOMC") statement on January 27, 2016 regarding the
economic outlook. In the end the FOMC downgraded their economic outlook stating that inflation is expected to remain low but maintaining their
2% expectation. In layman's terms: the economy is not as strong as the December predictions once believed, the Fed is hedging its
bet and it will continue its policy of reinvesting agency and MBS holdings and rolling over treasury securities to maintain accommodative financial
conditions.

For more information or assistance please contact James Dowling, Manager, and member of Marcum's
Financial Institutions Industry Group.

Raffa - Marcum's Nonprofit & Social Sector Group's strength and competitive edge lies in the fact that we provide expertise and superior service across a variety of essential interrelated financial, technology and consulting competencies.

LIBN talked to Marcum's Long Island managing partner, Carolyn Mazzenga, about her path to the top, as well as the challenges the profession faces in retaining top women and developing them into future firm leaders.

Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major
business markets throughout the U.S., as well as Grand Cayman, China and Ireland.